GBP/AUD Price Analysis: Bears eye daily downside extension
|- GBP/AUD bears seeking downside extension.
- A discount from current support on the cards.
GBP/AUD is on a southerly trajectory on the longer-term charts and the following illustrates where the next opportunity could arise from a market structure perspective.
Daily chart
The daily chart shows that there is the potential of a daily downside extension following a significant correction to the prior structure.
4-hour chart
The bears are waiting to pounce at the 21-EMA on the 4-hour chart.
1-hour chart
As for the 1-hour chart, the conditions are already bearish according to the Momentum indicator.
That being said, a discount from the support is still not out of the question.
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